經濟,財務,統計學,數理科學與政治評論

  It is our great honor to have Mr. Bernanke come to Taipei this time. We are delighted to hear from him. For Mr. Bernanke, it is a long journey from the USA to here. For us, it reminds people those years when Mr. Bernanke holds the Fed position.

  When President Bush Jr. wants to find the successor of elder Wall Street savor, Mr. Greenspan, a lot of people regarded Mr. Bernanke as the one. When Mr. Bernanke tries hard to resolve the issue of autopilot mode of US financial market. It is not an easy task to use the unorthodox move of Quantitative Easing. When people finally realize what pros and cons the QE brings. Mr. Obama makes up his mind to find the successor of next Fed chief. Those times for Mr. Bernanke are both hard to forget. The day he got chosen to be the chief and the day he was unrelunctant to leave even he thought he has not fulfilled the job yet. All those things should be memorized. All those moments are definitely Mr. Bernanke should not forget.

  I think Mr. Bernanke is in title to win Nobel Economic Prize for his controversial QE actions. Those QEs should be symbolized as the great successful move in the US monetary history. We need to notice that "the inflation is always and everywhere a monetary phenomenon" has not come yet when Mr. Bernanke left his duty. Lately, in this year, we finally see the wisdom, the connection between inflation and monetary expansion policy, has been materialized in the USA. It may let us think on how come the effect comes so late with those actions. To be honest, a lot of people know it well - Because the US can not ask their enterprises to increase the payroll as soon as possible like China. It should be recalled that the first mover of quantitive easing in this century is not the USA but China. China asks all their local enterprises to increase the payroll of workers in 2012. When those things happen, we see the inflation comes to China. The same principle will be applied to the US these days.

  You may question the role that Mr. Bernanke plays in those QEs. But we can not question the determination of Mr. Bernanke. He does bring the US out of financial crisis storm. He does bring the US back on its normal track. He does realize how important those US financial institutions can be or should be. He does know it well how to bring the US out of recession. Those are materialized in front of us. But it is not Mr. Bernanke's own credit. The credit should go to whole American people. A good communication brings US people wisdom they could not have a century ago. Many good discussions between those pros and cons make Mr. Bernanke a great man in the history. From this point, we should take Mr. Bernanke as a hero. It is a great thing to have Mr. Bernanke which needs to be portrayed. Mr. Bernanke is a hero when he starts those QEs and makes them work.

  On the other hand, Mr. Bernanke should be considered as a man without conscious mind as Mr. Paulson. The less regulated US financial market brings this disaster to people all around the world. At 2006, Mr. Bernanke took the office of Fed. Mr. Paulson has been considered as the one who lost his head in those financial crisis years of 2007-2008. So was Mr. Bernanke. They both are the believer of free market economy. They both believe the financial market has self-chosen ability. The market could tell people which is good or bad. Unfortunately, it doesn't happen without proper financial regulation. It is not a well funtioning financial market when people ignore the information asymmetric issues of financial tradings or financial innovation. In those issues, Mr. Bernanke is treated as a symbol of soft heart and without determination to get the US straight. It is the reason why Mr. Obama insists to let Mr. Bernanke go. The credit of Mr. Bernanke is largely reduced by those soft inactions. I still think Mr. Bernanke should have a Nobel Economic Prize. Not because Mr. Bernanke is good looking or something else, but because Mr. Bernanke does bring the US back on its normal track with every measure he has.

  A hero or a loser? To be honest, it leaves others to judge. For me, it is a long time we see those years of Mr. Bernanke when he takes the office of Fed. It is a long journey to see the US gets well in those years. The credit goes to Mr. Bernanke and whole American people. It should be remembered and not to forget. Of course, I doubt this view. People are so easy to forget what they have done before.

  To me, Mr. Bernanke is both a hero and a loser. He is a hero to bring the US back on track. But he is also a loser when he doesn't have courage to fight against the vicious Wall Street bankers. We still not see the justice comes until the US judge those outlaw villains. Maybe those days will not come easy when American people are still without concious minds yet.